Alpine Summit cleared to sell South Texas assets for $83 million

By Sarah Lizee

Olympia, Wash., Sept. 1 – Alpine Summit Energy Partners, Inc. secured approval to sell its South Texas assets to San Isidro Energy Co. II, LLC, Ageron Holdings, LLC and Needmore Minerals, LLC, which acted together as stalking horse bidder for the assets, according to an order filed Thursday with the U.S. Bankruptcy Court for the Southern District of Texas.

The company canceled an auction for the assets after receiving no other qualified bids by the deadline, as previously reported.

The price under the stalking horse agreement is $83 million.

The South Texas assets include oil and gas assets and properties in the counties of Webb and La Salle. The company is also seeking to sell its assets in and around Giddings, Tex.

For the Gidding assets, the bid deadline is 6 p.m. ET on Oct. 4, an auction is set for Oct. 11, and a sale hearing will take place on Oct. 18.

Proceeds from any asset sale will be used to repay the company’s $15.5 million debtor-in-possession facility and fund distributions under a Chapter 11 plan.

Nashville-based Alpine Summit Energy Partners develops, owns and operates oil and gas properties in several formations in Texas. The company filed bankruptcy on July 5 under Chapter 11 case number 23-90739.

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